Hannover Messe 2019, April 1 - 5

India-Germany economic relations

Hannover Messe 2019, April 1 - 5

India-Germany economic relations

Indo-German relationship has both regional and global perspectives. Bilateral relations between the two are based on common principles of democracy as well as common views on international trade. In 2011-2013, we celebrated 60 years of diplomatic relations between India and Germany. India’s total trade with Germany increased from US$ 15 billion in 2007-08 to US$ 21.98 billion in 2017-18, reaching a peak in 2011-12 at US$23 billion. Germany is currently India’s eighth largest trading partner, with total trade standing at US$ 16.02 billion in 2018-19 (April-Nov).

Engineering is one of the major sectors of bilateral trade between India and Germany. The proposed FTA between India and the European Union, which is most likely to be finalized in the next couple of years, will boost Indo-German Trade significantly. India-Germany engineering trade was registered at US$ 12.9 billion in 2017-18 compared to US$ 10.6 billion in 2016-17 with a growth of 21%, comprising a share percentage of almost 59% out of total trade. Engineering exports for April-December 2018-19 is valued at US$ 2.49 billion compared to US$ 2.23 billion during same period last fiscal registering a growth of 8.4% and a share of 4.2% out of India’s global engineering exports. Engineering products such as electrical machinery, products of iron and steel auto components and parts, other industrial machinery, iron and steel, aircraft and spacecraft, ic engines and parts, medical equipments, etc. are one of the main engineering segments exported to Germany during April-November 2018-19 because of enormous demand in the region.